February 17 Wang Ruijie, Deputy Prime Minister, Minister for Economic Policy Coordination and Finance of Singapore, recently announced that the Singapore government will invest S$11 billion ($1.33) in fiscal year 2021 (April 1, 2021 to March 31, 2022).
Respond to the impact of the coronavirus epidemic.
When Wang Ruijie announced the Singapore government’s budget for fiscal year 2021 on the 16th, he said that the funds will be mainly used to ensure public health and economic restart, continue to provide necessary support for enterprises and employees, and provide more accurate support to sectors such as transportation that have been hit hard by the epidemic.
According to the budget, Singapore’s fiscal deficit in fiscal year 2021 will reach S$11 billion, accounting for about 2.2% of GDP.
In fiscal year 2020, Singapore’s fiscal deficit is expected to reach S$64.9 billion, which will reach a record high.
Wang Ruijie said that Singapore’s economy contracted by 5.4% last year, and the government invested nearly S$100 billion to cope with the impact of the epidemic.
Economic growth is expected to be between 4% and 6% this year, but the growth prospects of various industries are different.